Paxtradings Crypto Minute: May 7, 2018

Japan’s Financial Services Agency (FSA) has written five guidelines cryptocurrency exchanges must follow to operate in the country. According to the Bitcoinist, the FSA created these guidelines to prevent another high profile hack of a large exchange. Generally, the guidelines are:

An adherence to robust security standards,

Development of a thorough know-your-customer (KYC) processes,

Adoption of best practices in asset management activities,

Prohibiting completely anonymous cryptocurrencies from being listed, and

A clear organizational structure within the company running the exchange.

Russia Planning to Convert Its Money Transfer System To Blockchain

Russian officials are planning to transfer the country’s money transfer system, the Financial Communications Transfer System (SPFS), to blockchain technology in 2019. According to Finance Magnates, SPFS was implemented in 2014 after Western countries threatened to withdraw SWIFT from Russia as punishment for its actions in Crimea. 582 Russian banks currently use SPFS.

Pavo Accelerates Roll Out Of Its Blockchain-Based Agriculture Solution In The U.S.

Pavo, a IoT blockchain solution for the AgTech ecosystem, has accelerated implementation of their technology on farms in the United States. According to the Bitcoinist, Pavo solution aims “to help growers optimize their planting, growing, and harvesting strategies to improve overall crop quality and yield.” Pavo is being implemented most quickly in California — specifically in Stockton, Dixon, and Merced.